Central Bank: We started working with the correspondent banking system, 2 JAN

 Central Bank: We started working with the correspondent banking system

Baghdad Today – Baghdad

The Central Bank of Iraq, on Wednesday, January 1, 2025, confirmed its success in committing to its program related to foreign transfers and moving to the correspondent bank system.

A statement from the bank, received by Baghdad Today, said that “it has been transferred from external transfers through the electronic platform to the work of Iraqi banks through their banks through external correspondence.

The bank added that “this transition is taking place through stages of the external transfer process, which began with the foreign currency sale and purchase window and moved to the stage of the electronic platform for external transfers, and ended the gradual strengthening of balances during 2024 and was fully achieved in the last week of this year.”

He said that “this achievement has changed radically and is consistent with the best international standards and practices to achieve a stable and secure financial system, and this work has received international support and praise through the stages of its application,” noting that the new transfer methodology is consistent with international practices in this field, which separates the responsibilities and duties of the Central Bank with the obligations, responsibilities and role of commercial banks .

The Central Bank of Iraq is ready to support all Iraqi banks that are working to develop and enhance their performance in the field of governance and compliance, and combating money laundering in a way that reflects positively on the confidence of international and regional banks in them to contribute to strengthening the Iraqi banking system and the Iraqi economy in general.

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